An Act relative to community reinvestment goals for banks
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This bill, An Act relative to community reinvestment goals for banks, aims to establish goals for banks regarding investments in Massachusetts communities. It directs the state banking board to develop and implement guidelines for banks to prioritize investments in underserved areas, promoting economic development and equitable access to financial services. The bill also requires the banking board to report on banks' compliance with these reinvestment goals.
Key provisions
- Requires the state banking board to develop guidelines for community reinvestment.
- Directs the banking board to prioritize investments in underserved communities.
- Mandates reporting on banks' compliance with reinvestment goals.
- Establishes goals for banks to invest in specific types of community development projects.
- Addresses the need for equitable access to financial services.
- Supports economic development in Massachusetts communities.
Who is affected
- Banks
- Massachusetts communities
- Massachusetts residents
- State banking board
- Financial institutions
Notable changes
- Establishes specific goals for banks' community reinvestment activities.
- Creates a framework for the state banking board to oversee and monitor these investments.
Bill text
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Sponsors
Official sponsors from legislative records.
2 on record
Primary sponsor
Cosponsor
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